Employer-based insurance coverage is not a given for everyone, even the employed.
Getting and keeping health coverage has been challenging in the past 12 months. For those who work but don’t qualify for full-time benefits and for those who have found themselves separated from their employer, trying to figure out where to turn next continues to be a puzzle for many.
Some stats about U.S. health plan coverage
The unemployment rate continues to trend well above pre-pandemic rates at 6.3% as of January 2021— over 3.5% in February of 2020. Additionally, many U.S. workers have joined the ranks of gig and contract workers or simply juggle multiple part-time jobs to make ends meet. It is estimated that 24 million Americans consider themselves part-time employees as of January 2021.
Medicaid covers about 70.6 million Americans and the Marketplace coverage appears to be up by about 6% compared to 2020. Meanwhile, another 4 million uninsured Americans are eligible for a subsidized Marketplace bronze plan yet are either unaware or have not activated their coverage.
All eyes are currently on the American Rescue Plan, where the Marketplace premium affordability rating could be adjusted to help more Americans qualify for Marketplace health coverage subsidies. This bill is currently under Senate consideration, after passing the House on February 27. Additionally, individuals receiving unemployment benefits during 2021 may be able to qualify for $0 monthly health insurance premiums.
All of these factors combine to create a sizeable underinsured population of approximately 15 million people (KFF, January 27, 2021).
Many people just don’t know where to turn for benefits coverage if there’s not something available to them through an employer.
All of that to say, there are a few ways for employers to help without extending traditional full-time benefits to all your populations.
Consider alternatives or additions to traditional group coverage
With the ups and downs of the employment landscape and the continued need to get Americans covered, consider some new and innovative ways to cover your organization’s non-eligible employees through information or access to coverage.
One Businessolver client recently solved for benefits coverage using the MyChoice Market with a subset of their onboarding employees. Their goal—improve retention and provide a safety net.
See how they did it with our case study below.